Foreclosure Timeline All 50 States Understanding The Basics by Tim Beachum
The process of foreclosure various in all 50 states. If you find yourself headed towards foreclosure you have no means of making your payments it advisable that you take a good look at the foreclosure laws in your state.
Each states foreclosure laws differ in a variety of ways such as lender notices scheduling buyback periods bank notices issued regarding the auctioning of the property. Do to the complexities of the foreclosure timeline this article is only meant to give you a basic understanding of the process.
When you first fall behind with a payment the lender will contact you by phone mail. A late fee will also be added on to your payment. In most cases the lender will not add a late fee until after the 15th day of your payment being late. It is important to know that most lenders are willing to work with you if you initiate the communication process let them know your current situation.
If 30 days have gone by you still are unable to make a payment the mortgage company will begin the old harassment tactics. By that I mean the annoying phone calls. There goal is to find out why the payment hasn't been made. Avoiding these calls is critical mistake. Although you are way behind it still isn't to late to attempt to open the lines of communications.
You are willing to open the lines of communication but are not sure what to do. . . That's one of the most common questions that I have been asked. your goal besides the obvious keep then from starting the foreclosure proceedings is to keep the mortgage company from putting a 30 day late payment on your credit report. If they do report the late payment your chances of any future negotiations will be slim.
Let's suppose that you found this article to late your house has just been sold at auction. Although the fight appears over it not. You still have an outside chance of getting your home back. You can reclaim your property by paying the full outstanding mortgage balance all costs incurred during the foreclosure process. Another thing that you will want to keep in mind is that the availability of this process is determined by whether the foreclosure is judicial or non judicial procedures can vary from state to state.
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